Azerbaijani insurance company intends to treble premiums
Azerbaijan, Baku, May 1 / Trend U.Ismayilova /
The Azerbaijani insurance company Alfa Sigorta plans to enter the top ten of the insurance market leaders in terms of premiums by late 2010, Alfa Sigorta Board of Directors Chairman Khayal Mammadkhanli said.
"The company intends minimum to treble premiums by late 2010," Mammadkhanli said. In 2009, the company's premiums amounted to 0.93 million manat with payments of 0.26 million manat. He said the volume of premiums will be increased through the introduction of new insurance products, as well as growing confidence in the company by potential customers.
The company' development will be achieved within the plan covering the period up to 2015 that was approved by founders, Mammadkhanli said.
He said the company also plans to increase the authorized capital at least by one million manat from the current 3.1 million manat.
"The authorized capital will be increased at the expense of profits obtained from its activities in 2010, and if profits are not brought to the desired level, than it will be achieved partly through the shareholders' investment," he added.
Alfa Sigorta was registered in August 1997 under the name "Murad." In June 2005, the company changed its name to Alpha Insurance. In December 2006, the company moved to full ownership under Texnika Bank. The company provides 25 types of insurance services.
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